| BALANCE SHEET AND CHANGES IN STOCKHOLDERS’ EQUITY |
|
| ASSETS |
|
| CURRENT ASSETS |
|
| Cash and cash equivalents: |
|
| Citibank - management account |
948 |
| Sterling bank - management account |
366 |
| Sterling bank - security deposit account |
96 |
|
1,410 |
| Tenants’ accounts receivable |
185 |
| Commercial tenants (CATS) receivable |
17 |
| Prepaid expenses: |
|
| Fuel inventory |
76 |
| Prepaid insurance |
374 |
|
451 |
| TOTAL CURRENT ASSETS |
2,063 |
| FUNDS |
|
| Contingency Fund |
10,656 |
| FIXED ASSETS |
|
| Cost Depreciation Value |
|
| Land |
7,638 |
| Building |
-0- |
| Building |
9,882 |
| Building equipment |
93 |
| Furniture and fixtures |
-0- |
| Lobby and hallway improvements |
313 |
| TOTAL FIXED ASSETS |
17,926 |
| OTHER ASSETS |
-0- |
| TOTAL ASSETS |
30,646 |
| LIABILITIES |
|
| CURRENT LIABILITIES |
|
| Accounts payable and accrued expenses |
795 |
| Stockholders’ abatement payable |
621 |
| Accrued interest payable |
93 |
| Prepaid maintenance charges |
12 |
| Security deposits payable |
96 |
| Amortization due within one year |
832 |
| TOTAL CURRENT LIABILITIES |
2,450 |
| LONG-TERM LIABILITIES |
|
| Mortgage payable- Capital One Bank |
31,636 |
| Less:net debt issuance costs |
398 |
|
31,238 |
| Less: Amortization due within one year |
832 |
| TOTAL LONG-TERM LIABILITIES |
30,406 |
| TOTAL LIABILITIES |
32,855 |
| STOCKHOLDERS’ EQUITY |
|
| Capital stock - Common 50,000 shares authorized 48,392 shares issued @ $1.00 par value |
544 |
| Paid-in capital re:excess of par value |
50,163 |
| Capital contribution re: mortgage amortization and capital assessments |
31,686 |
| Accumulated deficit- beginning |
(82,176) |
| Net income or (loss) for period |
(1,619) |
| Portion appropriated for reduction of mortgage and/or capital assessments |
(808) |
| Accumulated deficit- end |
(84,603) |
| TOTAL STOCKHOLDERS’ EQUITY |
(2,210) |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
30,646 |